Discuss the pros and cons of the minimum wage. Does it benefit society or merely distort labor markets?

Pros and cons of minimum wage Student: Professor: Course title: Date: Pros and Cons of minimum wage Discuss the pros and cons of the minimum wage. Does it benefit society or merely distort labor markets? Minimum wage refers to the lowest remuneration permitted by law that employers may pay their employees. Even though minimum wage laws are effected in many jurisdictions, different opinions exist regarding the benefits and shortcomings of a minimum wage. This paper discusses the pros and cons of a minimum wage to determine if it benefits the society or it merely distorts labor markets. One of the main pros is that it increases or improves the living standards of workers thereby helping low-income earners to gain a higher standard of life. Secondly, it helps to reduce the income gap between the poor and the rich. By narrowing the income gap, it helps to reduce income inequality in the country and maintain a population with equal freedoms. Moreover, it helps in preventing abuse by employers. This is because when workers work for long hours, it will cost the employer a set amount because of the minimum wage. In addition, it reduces poverty by protecting workers and their families. This ...